IL SB2097

Creates a new Illinois income tax credit for foster care parents equal to foster care expenses paid, up to $1,000 per qualifying dependent child per taxable year, beginning January 1, 2025

Requires foster parents to be under contract with the Department of Children and Family Services and provide care for at least 6 months during the tax year to receive the full credit amount

Prorates the credit for foster parents who provide care for less than 6 months, calculated based on the number of days of care divided by 365

Allows unused credit amounts to be carried forward and applied against tax liability for up to 5 years following the excess credit year

Defines "qualifying dependent child" as an Illinois resident in DCFS custody who is the foster child of the taxpayer claiming the credit